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Photo courtesy of Yonhap News |
[Alpha Biz= Paul Lee] SEOUL, October 29, 2025 — Mirae Asset Global Investments has expressed deep regret and concern after Brookfield Asset Management, the Canadian owner of Seoul’s International Finance Center (IFC), failed to comply with an international arbitration ruling ordering it to return a KRW 200 billion (USD 144 million) deposit and pay accrued interest and legal costs.
In a statement released on Tuesday, Mirae Asset said that under the final decision by the Singapore International Arbitration Centre (SIAC), Brookfield was required to refund the full deposit and cover all delay-related interest and arbitration expenses by October 28, 2025.
“Despite the clear deadline and binding nature of the ruling, Brookfield has neither made payment nor issued any formal response,” Mirae Asset said. “This refusal to comply with a final and legally enforceable international arbitration ruling seriously undermines trust in the global investment community and damages the integrity of fair market practices.”
The Korean asset manager said it is preparing follow-up legal actions, including seeking recognition and enforcement of the SIAC award in domestic and foreign courts, as well as potential asset seizures and injunctions against Brookfield.
Brookfield, which acquired and owns the IFC complex in Seoul’s Yeouido financial district, had selected Mirae Asset as the preferred bidder for the property in 2021, receiving KRW 200 billion as a down payment. However, the deal collapsed after the Korean financial regulator declined to approve the REIT structure that Mirae Asset planned to use for the acquisition.
Brookfield refused to return the deposit, claiming that Mirae Asset was at fault for the failed transaction, leading to a prolonged legal dispute. The SIAC ruled on October 13 that Brookfield must return the deposit in full to Mirae Asset, concluding the one-tier arbitration process.
The Seoul IFC complex comprises three premium office towers, an underground shopping mall, and the Conrad Seoul Hotel. Brookfield continues to seek potential buyers for the property despite the dispute.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
